WebReverse mortgage. A type of loan that typically allows homeowners age 62 or older to borrow against the equity in their homes. Most reverse mortgages today are called HECMs, insured by the Federal Housing Administration (FHA). It is called a “reverse” mortgage because, instead of making payments to the lender, the borrower receives money ... WebGlossary of Terms — no i t aeci Ar pp The increase in a property’s value over time. ARM (Adjustable-Rate Mortgage) — A mortgage in which rate changes according to a …
The Ultimate Mortgage Glossary - Credit.com
WebA mortgage that is insured by the Federal Housing Administration (FHA). Also known as a government loan. FHA mortgage insurance protects the lender (not the borrower) if a borrower defaults on the FHA loan. This insurance enables a lender to provide loan … Every home loan situation is different, so it's hard to estimate how long your specific … WebA mortgage with periodic payments that do not fully amortize the loan. The outstanding balance of the mortgage is due in a lump sum at the end of the term. Bridge Loan A … cbt therapy used for
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WebDeed of Trust. A legal document in which the borrower transfers the title to a 3rd party (trustee) to hold as security for the lender. When the loan is paid in full the trustee transfers title back to the borrower. If the borrower defaults on the loan the trustee will sell the property and pay the lender the mortgage debt. WebGlossary of Mortgage Terms. Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Annual … WebApr 13, 2024 · Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. 1st Priority Mortgage, Inc. is a Licensed Mortgage Banker, New York State Department of Financial Services. All lending products are subject to credit and property approval. Terms, conditions, and certain restrictions may apply on all programs. bus ramp for wheelchair